For Immediate Release:
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Company Contact:
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December 8, 2003 Nancy C Broadbent
Chief Financial Officer
(215) 579-7388
Investor Relations:
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Lisa M. Wilson
In-Site Communications
(212) 759-3929
CollaGenex Pharmaceuticals Appoints New CEO and President
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NEWTOWN, PA, DECEMBER 8, 2003 - CollaGenex Pharmaceuticals, Inc. (Nasdaq:
CGPI) today announced that it has appointed Colin W. Stewart to succeed Brian M.
Gallagher, PhD, as the Company's president and chief executive officer,
effective immediately. Mr. Stewart will also be a member of the CollaGenex board
of directors. Dr. Gallagher will remain on the board as a director and will
provide certain consulting services to the company for a period of 24 months.
"We are pleased to welcome Colin Stewart to CollaGenex as the Company's
president and chief executive officer and to its board of directors," said James
E. Daverman, a CollaGenex board member since 1995. "Colin brings a depth of
pharmaceutical business experience to CollaGenex at an exciting time in the
Company's history. He has built a solid track record of achieving strong sales
growth and profitability through pharmaceutical brand development, creating
integrated product portfolios and successfully building and leveraging sales
forces. He is also experienced in bringing products through both the FDA and
European regulatory approval processes, and he has launched and managed numerous
pharmaceutical products in a broad range of therapeutic areas, including
dermatology and oncology products as well as in-licensed products and
pharmaceuticals that were subject to generic competition. We are confident that
his skills and experience make Colin the right person to lead CollaGenex to the
next stage of its corporate development."
Daverman continued, "On behalf of the board, I want to thank Brian
Gallagher for his service to CollaGenex over the past nine years. Brian was the
first employee of CollaGenex and led the development and launch of the most
successful systemic pharmaceutical ever in the dental arena. During his tenure,
CollaGenex became the leading specialty pharmaceutical company in the dental
industry and is poised for growth in the much larger dermatology market. We are
grateful for his contributions and pleased that he has agreed to continue to
assist us by serving as a director and consultant to the Company."
Mr. Stewart said, "I am delighted to be joining CollaGenex at such a
critical and exciting time. I share the board's vision that CollaGenex has the
people, products and technology to become a major diversified specialty
pharmaceutical company, and I am pleased to have the opportunity to play a
significant role in shaping the Company's future."
Mr. Stewart, a 28-year veteran of the pharmaceutical industry, most
recently was president and chief executive officer of Muro Pharmaceutical, Inc.,
a subsidiary of Viatris GmbH. He previously served 10 years with the ASTA Medica
Group where he managed several pharmaceutical business units in increasingly
senior management positions. He began his career as a sales representative for
Winthrop Laboratories Ltd in the U.K. and subsequently held a number of
positions of increasing responsibility with Winthrop in sales, marketing and
operational management.
Mr. Stewart, a U.K. citizen, received a Diploma in Management Studies from
Teesside Polytechnic and a Master of Science degree in management studies from
Durham University Business School.
CollaGenex Pharmaceuticals, Inc. is a specialty pharmaceutical company
currently focused on providing innovative medical therapies to the dental and
dermatology markets. Currently, the Company's 115-person professional dental
pharmaceutical sales force markets Periostat(R), which is indicated as an
adjunct to scaling and root planing for the treatment of adult periodontitis.
Periostat(R) is the first and only pharmaceutical to treat periodontal disease
by inhibiting the enzymes that destroy periodontal support tissues, and by
enhancing bone protein synthesis.
The sales force also promotes Vioxx(R), a Merck & Co. drug that CollaGenex
co-promotes for the treatment of acute dental pain; Pandel, a prescription,
topical corticosteroid licensed from Altana, Inc.; Sirius Laboratories' AVAR(TM)
product line for the topical control of acne vulgaris, rosacea and seborrheic
dermatitis; and Atridox(R), Atrisorb(R) FreeFlow(TM) and Atrisorb-D FreeFlow,
Atrix Laboratories Inc.'s products for the treatment of adult periodontitis.
Research has shown that certain unique properties of the tetracyclines
discovered during the development of Periostat(R) may be applicable to other
diseases involving inflammation and/or destruction of the body's connective
tissues, including acne, rosacea, meibomianitis and cancer metastasis, among
others. CollaGenex is further evaluating Periostat(R), as well as the new
IMPACS(R) compounds, to assess whether they are safe and effective in these
applications. In addition, CollaGenex has licensed the Restoraderm(TM)
technology, a unique, proprietary dermal drug delivery system, in order to
develop a range of topical dermatological products with enhanced pharmacologic
and cosmetic properties.
To receive additional information on the Company, please visit our Web
site at www.collagenex.com, which does not form part of this press release.
This press release contains forward-looking statements within the meaning
of Section 21E of the Securities and Exchange Act of 1934, as amended. Investors
are cautioned that forward-looking statements involve risks and uncertainties,
which may affect the Company's business and prospects. The Company's business of
selling, marketing and developing pharmaceutical products is subject to a number
of significant risks, including risks relating to the implementation of the
Company's sales and marketing plans for Periostat(R) and other products that the
Company markets, the outcome and consequences of the patent litigation against
Mutual and the outcome of litigation initiated by Mutual, risks that the FDA
will approve generic products, such as Mutual's products, that will compete with
and limit the market for Periostat(R), risks inherent in research and
development activities, risks associated with conducting business in a highly
regulated environment and uncertainty relating to clinical trials of products
under development, all as discussed in the Company's periodic filings with the
U.S. Securities and Exchange Commission.
Periostat(R), IMPACS(R) and Metastat(R) are registered trademarks, and
Restoraderm(TM) is a trademark, of CollaGenex Pharmaceuticals, Inc.
All other trade names, trademarks or service marks are the property of their
respective owners and are not the property of CollaGenex Pharmaceuticals, Inc.
or any of our subsidiaries.
Pandel(R) is a trademark of Taisho Pharmaceuticals.
VIOXX(R) is a trademark of Merck & Co., Inc.
AVAR(TM) is a trademark of Sirius Laboratories, Inc.
Atridox(R) and Atrisorb(R) are registered trademarks, and FreeFlow(TM) is a
trademark, of Atrix Laboratories, Inc.
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